Checking and Savings Monthly Service Fee Questions – Wells Fargo (2024)

What is a fee period?

How will my monthly service fee be calculated if my fee period ends on a weekend or holiday?

If your fee period ends on the last calendar day of the month, only transactions posted through the last business day of the month (excluding weekends and federal holidays) will count towards the fee period.

I see “You Paid” in the monthly service fee summary of my statement. Does that mean I need to pay a fee?

If you see a dollar amount in the “You Paid” column, it is the monthly service fee amount your account was already charged for the fee period. The monthly service fee will be reflected in the Transaction History section of your account statement. You do not need to take any action.

What does the check mark mean on my monthly service fee summary?

We provide the list of options that can help you avoid the monthly service fee on your account. The check mark appears next to each of the ways to avoid the monthly service fee you met during the fee period.

How is the Primary Account owner identified for a Consumer account?

When there is more than one owner of an account, we identify a primary owner. The primary account owner is the owner whose Taxpayer Identification Number, such as a Social Security Number, is assigned to the account and who, therefore, has tax responsibility for the account. For select checking and savings accounts, when an individual primary account owner reaches the age of 25, age can no longer be used to avoid the monthly service fee.

What is considered a qualifying electronic deposit and how is the total amount calculated?

A qualifying electronic deposit is a deposit of funds, such as your salary, government benefit payment, or other income, that has posted to your account and is (1) a direct deposit made through the Automated Clearing House (ACH) network, (2) an instant payment processed through the RTP^® network (real-time payment system) or FedNow^SM Service, or (3) an electronic credit from a third party service that facilitates payments to your debit card using the Visa^® or Mastercard^® network (e.g. an Original Credit Transaction). Transfers from one account to another, mobile deposits, Zelle^®, or deposits made at a branch or ATM are not considered a qualifying electronic deposit. Click here to learn about setting up direct deposit

How is my combined balance determined?

Your monthly service fee summary lists what accounts are eligible to be linked for combined balance purposes, such as checking accounts, or credit cards. The monthly service fee summary also lists the type of account balance such as minimum daily balance, average ledger balance, or most recent statement balance, that can contribute to the combined balance. The combined balance is determined one business day prior to the last business day of your fee period.

What accounts can be linked for the combined balance option to avoid the monthly service fee?

Eligible accounts that can be linked are determined by the type of checking account you have. Your monthly service fee summary lists the account types that are eligible to be linked to the checking account to create the combined balance. Accounts linked to a Wells Fargo Checking account cannot simultaneously be linked to any other Wells Fargo Checking account to meet the combined balance option to avoid the fee. For consumer accounts, only qualified accounts with the same account owner as the checking account will be linked automatically.

Do Prime Checking and Premier Checking statements have a monthly service fee summary?

The Prime Checking and Premier Checking statements do not have a monthly service fee summary at this time. The Prime Checking account has a $25 monthly service fee. The fee can be avoided each fee period with $20,000 or more in statement-ending qualifying balances. The Premier Checking account has a $35 monthly service fee. The fee can be avoided each fee period with $250,000 or more in statement-ending qualifying balances. The statement-ending qualifying balance includes linked (a) consumer bank deposit account balances (checking, savings, time accounts (CDs), FDIC-insured IRAs) and (b) investment account balances (investments available through our affiliate Wells Fargo Advisors^, and applicable bank fiduciary and custody accounts). If you think your combined balance may fall below the statement-ending qualifying balance needed to avoid the monthly service fee, please call us at 1-800-869-3557 to discuss other account options that may meet your needs.

I noticed a change in my monthly service fee. How can I avoid the fee?

Your checking and savings accounts are subject to a monthly service fee even if a fee was not assessed in the past. You can avoid this fee by meeting the requirements found in the monthly service fee summary included on your statement. Or, you can convert to a different type of account that allows for other ways to avoid the monthly service fee.

I would like to switch to a different type of account that would allow me other ways to avoid the monthly service fee. What are my next steps?

I recently switched to a new account. Why does the monthly service fee summary show the monthly service fee for my old account?

The monthly service fee summary provided is based on the fee period of your previous account. The monthly service fee summary for your new account will appear on your next statement.

Why is the fee information in the monthly service fee summary different from the information I recently received as a message in my statement?

What fees other than monthly service fees are calculated monthly for my consumer account?

What fees other than monthly service fees are calculated monthly for my business account?

Some other fees that are calculated and posted to your business account on the last business day of the fee period include check image option, transactions, deposited items, cash deposit processing, coin order, currency order and money services business fees. This is not a complete list of fees, and if applicable on your account, these monthly fees are in addition to your monthly service fee. Please refer to the Business Account Fee and Information Schedule (PDF) for additional business account information.

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Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

Certain investments and investment accounts are not eligible for linking.

Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

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